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Solitario Exploration & Royalty

Solitario Exploration & Royalty

Sector: Gold Ores Region: CO, United States


: | NYSE MKT: XPL | Toronto Stock Exchange: SLR


Solitario Exploration & Royalty Corp. (NYSE MKT: XPL; TSX: SLR) is on track to become one of the lowest cost U.S. gold producers with its development-stage Mt. Hamilton project in mining friendly Nevada. Great progress was made in 2014 on both the permitting and engi¬neering fronts. Permitting is nearly complete with the approval of the Environmental Assessment by the U.S. Forest Service in September, 2014. Two state permit approvals are pending: Reclamation and Air Quality. We an¬ticipate these permits will be approved by the end of the first quarter of 2015, paving the way for potential construction by mid-year 2015. The results of an updated Mt. Hamilton Feasibility Study completed in October 2014 revealed significantly higher annual gold production for the first four years, resulting in enhanced economics. The updated 2014 Feasibility Study schedules higher daily throughput of 10,000 tons per day, higher reserve grade and increased resources for the project compared to the original Feasibility Study completed in February 2012. Measured and Indicated Resources have doubled to 828,000 gold-equivalent ounces since acquisition of the project. The 2014 Feasi¬bility Study estimates 73,000 gold-equivalent ounces a year production with total operating cash costs at $558/oz. and initial capital costs at $91 million, making it an attractive project, even at today’s gold price. Potential to increase both reserves and and resources to extend mine life is considered excellent.
Solitario’s high-grade Bongará zinc project in Peru is joint ventured with Milpo, the second largest zinc producer in Peru. Milpo recently acquired the project from its parent, Votorantim Metais, the fifth largest primary zinc producer in the world. Nearly $60 million has been spent on the property to date. With many commodity experts forecasting significantly higher zinc prices over the next couple of years, Bongará could become our most valuable asset. A major milestone occurred in June 2014 with the release of the proj¬ect’s first NI 43-101 compliant resource estimate. Based on 486 core holes, Measured & Indicated Resources were estimated at 2.8 million tonnes grading 15.5% zinc equivalent and Inferred Resources totaled 9.1 million tonnes grading 12.4% zinc equivalent. Mineralization remains open to expansion in all directions. Votorantim has funded 100% of project expenditures since inception of the joint venture in 2006. As a result of Milpo’s purchase of Votorantim’s interest in the Bongará project in the fourth quarter of 2014, Milpo can earn up to a 70% interest in the project by continuing to fund all project expenditures and committing to place the project into production based upon a positive feasibility study. After earning 70%, Milpo has further agreed to finance Solitario’s 30% participating interest for construction. Solitario will repay the loan facility through 50% of its net cash flow dis¬tributions. The terms of the Milpo-Solitario joint venture make Bongará a dilution-free project to Solitario and its shareholders.

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CEO Chris Herald interview on Kitco News

Chris Herald, CEO of Solitario Exploration & Royalty Corp. (AMEX: XPL; TSX: SLR), joins Daniela Cambone of Kitco News to talk zinc prices and base metals as part of our continued coverage of Gold Stock Analyst's "Annual Investor Day 2013". Kitco News, Feb. 27, 2013.

Solitario Exploration & Royalty  video

CEO Chris Herald interview on Kitco News

Executives

Christopher E. Herald, President & CEO
Mr. Herald has been a director of Solitario since August 1992. He has also served as Chief Executive Officer since June 1999 and President since August 1993. Mr. Herald also served as a director of Crown since April 1989, as Chief Executive Officer of Crown since June of 1999, President of Crown since November 1990 and was Executive Vice President of Crown from January 1990 to November 1990. Prior to joining Crown, Mr. Herald was a Senior Geologist with Echo Bay Mines and Anaconda Minerals. Mr. Herald currently serves as Chairman of the Denver Gold Group, a not-for-profit industry association recognized for organizing preeminent North American and European gold conferences for institutional investors. Mr. Herald also serves on the board of Atna Resources Ltd. (TSX: ATN). Mr. Herald received a M.S. in Geology from the Colorado School of Mines and a B.S. in Geology from the University of Notre Dame.
Walter H. Hunt, Chief Operating Officer
Prior to his appointment as COO in June of 2008, Mr. Hunt was Vice President - Operations and President - South American Operations of Solitario since June 1999. He also served as Vice President - Peru Operations from July 1994 until June 1999. Prior to its acquisition by Kinross Gold Corp. in August 2006, Mr. Hunt was Vice President Operations of Crown since 1994. Mr. Hunt has over 30 years of exploration, development and operational experience with Anaconda Minerals, Noranda and Echo Bay Mines where he served as Superintendent, Technical Services and Chief Geologist at Echo Bay's Kettle River Operations. Mr. Hunt received his M.S. degree in Geology from the Colorado School of Mines and a B.S. degree from Furman University.
James R. Maronick, Chief Financial Officer
Mr. Maronick has served as Chief Financial Officer of Solitario and Chief Financial Officer of Crown since June 1999 and served as Vice President - Finance and Secretary/Treasurer and Vice President - Finance and Secretary/Treasurer of Crown since September 1997. Prior to that, Mr. Maronick served as Vice President - Finance and Secretary/Treasurer of Consolidated Nevada Gold Fields Corporation from November 1994 to September 1997. Mr. Maronick graduated with honors from the University of Notre Dame in 1977 with a BA in accounting and received his Masters degree in Finance with highest honors from the University of Denver in 1986.
Brian Labadie, Chairman of the Board
Mr. Labadie has been a director of Solitario since June 2006. He is an independent mining industry consultant. He also was a director of Crown from June of 2002 until August 2006 upon completion of the Crown-Kinross merger. Mr. Labadie has over thirty years experience in the mining industry including ten years with Miramar Mining Corporation from November 1996 to September 2006 as the Executive Vice President, COO. Prior to that, Mr. Labadie spent nine years with Echo Bay Mines, Ltd. as Vice President of Operations, including full operational and management responsibility for the Kettle River Mine in Republic, Washington. Mr. Labadie holds a Bachelor of Science degree in geological engineering from the University of Toronto.

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